Sun Bancorp Inc. operates as the bank holding company for Sun National Bank provides commercial and consumer banking services. The company’s lending services to businesses include term loans and lines of credit, mortgage loans, construction loans and equipment leasing. The company is a Preferred Lender with both the Small Business Administration (SBA) and the New Jersey Economic Development Authority. As of December 31, 2013, the company had 59 locations throughout New Jersey. Lending Activities The company’s lending services to consumers include residential mortgage loans, residential construction loans, home equity term loans, home equity lines of credit and installment loans. The company originates commercial and industrial loans and commercial real estate loans. It also offers home equity loans, residential real estate and second mortgage loans and other consumer loans, including installment loans. Substantially loans are originated in the company’s primary market area. Commercial and Industrial Loans: The company’s primary lending focus is the origination of commercial and industrial loans, including short-term and long-term business loans, lines of credit, mortgage loans on commercial real estate, and construction loans to developers and builders. The company’s commercial and industrial loans have a real estate component as part of the collateral securing the accommodation. Additionally, the company makes commercial real estate loans for the acquisition, refinance, improvement, and construction of real property. Home Equity Lines of Credit: The company originates home equity lines of credit, secured by first or second homes owned or being purchased by the loan applicant. Second Mortgage Loans: The company originates second mortgage loans secured by mortgage liens against the borrowers’ primary, secondary or investment property. Second mortgage loans are consumer term loans. Residential Real Estate Loans: The company originates residential mortgages. The majority of these loans for owner occupied single-family residences and originated with a forward commitment to sell the loan in the secondary market. Other Loans: The company’s other loans category include small business loans serving businesses with credit needs. These small business loans are generally lines of credit. Loans secured by recreational vehicles and modular housing are also included in this category. Deposits The company’s commercial deposit services include business checking accounts and cash management services such as electronic banking, sweep accounts, lockbox services, Internet banking, remote deposit and controlled disbursement services. The company’s consumer deposit services include checking accounts, savings accounts, money market accounts, certificates of deposit and individual retirement accounts. In addition, the company offers mutual funds, securities brokerage, annuities and investment advisory services. Investment Activities The company’s investments consist of federal funds, securities issued or guaranteed by the United States Government or its agencies, mortgage-backed securities, states and political subdivisions, and trust preferred securities. Supervision and Regulation As a registered bank holding company, the company is regulated under the Bank Holding Company Act of 1956 and is subject to supervision and regular inspection by the Federal Reserve Board. The bank is subject to supervision and examination by the Office of the Comptroller of the Currency. In addition, the bank is insured by and subject to certain regulations of the Federal Deposit Insurance Corporation. History Sun Bancorp, Inc. was founded in 1985.
sun bancorp inc-nj (SNBC:NASDAQ GS)
350 Fellowship Road
Mount Laurel, NJ 08054
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